Treasury Secretary Scott Bessent said during an interview over the weekend that China would eat all the costs that come from new tariffs that President Donald Trump is going to enact against the communist nation.
Bessent made the remarks during a Sunday CBS News interview with Margaret Brennan on “Face the Nation” when asked if he was concerned that the tariffs could lead to higher prices for American consumers.
“What I can tell you is that I’m not worried about China,” he said. “China will pay for the China tariffs, because their business model is exporting their way out of this inflation.”
“They are the most unbalanced economy in modern times, and the idea that because of a tariff, that they would lower their production is wrong,” he said. “They are going to continue flooding the market. They will eat this price decrease. They will eat any tariffs that go on.”
He said that it would be a “very good” idea for Canada to follow what Mexico is doing in offering to slap their own tariffs on China in what has been described as “a fortress in North America.”
“Under the cover of COVID, China dramatically increased their export capacity, and they are trying to export their way to prosperity,” he said. “They are in an economic crisis. They have gigantic deflation, and it’s unacceptable for them to export that to the rest of the world.”
“And I think North America would be a very good start for pushing back against this unfair trade policy,” he continued, adding that it would be a “very significant” development.
WATCH:
Treasury Secretary Scott Bessent said during an interview over the weekend that China would eat all the costs that come from new tariffs that President Donald Trump is going to enact against the communist nation.
Bessent made the remarks during a Sunday CBS News interview with Margaret Brennan on “Face the Nation” when asked if he was concerned that the tariffs could lead to higher prices for American consumers.
“What I can tell you is that I’m not worried about China,” he said. “China will pay for the China tariffs, because their business model is exporting their way out of this inflation.”
“They are the most unbalanced economy in modern times, and the idea that because of a tariff, that they would lower their production is wrong,” he said. “They are going to continue flooding the market. They will eat this price decrease. They will eat any tariffs that go on.”
He said that it would be a “very good” idea for Canada to follow what Mexico is doing in offering to slap their own tariffs on China in what has been described as “a fortress in North America.”
“Under the cover of COVID, China dramatically increased their export capacity, and they are trying to export their way to prosperity,” he said. “They are in an economic crisis. They have gigantic deflation, and it’s unacceptable for them to export that to the rest of the world.”
“And I think North America would be a very good start for pushing back against this unfair trade policy,” he continued, adding that it would be a “very significant” development.
WATCH:
